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BTC Coinbase launches fixed-rate USDC loan service based on cbBTC mortgages
Coinbase recently announced that it has officially launched a fixed-rate USDC loan service backed by cbBTC against the background of a total outstanding loan of more than US$1.4 billion and a collateral value of nearly US$3 billion. This new move marks Coinbase's further enrichment of product options in the field of crypto asset lending.
Fixed interest rates go hand in hand with floating interest rates, giving users more options
Currently, Coinbase customers can choose between fixed interest rate and floating interest rate models in USDC loans backed by crypto assets. For fixed-rate loans, the interest rate and maturity date are locked in when the borrower accepts the on-chain quote. The borrower must repay the loan before the maturity date, otherwise the lender has the right to forfeit the cbBTC used as collateral in accordance with the terms.
This fixed rate market is supported by the Morpho Midnight protocol running on the Coinbase Base network. In contrast, Coinbase's existing integration with Morpho Blue provides a floating rate service, whose rates fluctuate in real time based on market supply and demand conditions. Each loan under the Midnight Agreement has a fixed interest rate and repayment date established at the beginning of the transaction.
Morpho Midnight's technical architecture and operating mechanism
Coinbase manages the customer interface, Morpho provides underlying support for loan agreements, and the Base network handles all on-chain transactions. This division of labor allows Coinbase to provide a seamless experience to customers.
Morpho Midnight 采用了一种基于意图的点对点系统，而非将所有借款人放入一个利率自动变化的资金池中。在这种设计下，出借人和借款人可以设定包括利率、到期日以及交易对手要求在内的具体条件。出借者无需将资金预先放入单独的池子中等待借款人，其资本可以继续留在浮动利率市场中，直到固定利率报价被接受，届时所需的流动性才会转入匹配好的贷款中。
根据公告数据，通过 Morpho Blue 提供的浮动利率服务目前仍有超过 14 亿美元的未偿还贷款，并由约 30 亿美元的抵押品担保。而在整个 Morpho Blue 生态系统中，未偿还贷款总额约为 52 亿美元，存款总额达 160 亿美元。值得注意的是，Coinbase 的数据仅反映通过其界面访问的贷款活动，而非协议上的全部活动。目前，Midnight 在初始推广阶段持有约 3000 万美元的存款。
合规性与美国用户的信贷结构
对于符合条件的美国客户，Coinbase 的借贷集成提供了一种在保留比特币作为抵押品的同时获取 USDC 流动性的方式。2025年，Coinbase 已将这一由 Morpho 驱动的模式引入美国大多数州（纽约州除外）。
当客户以比特币作为抵押进行借款时，Coinbase 会将质押资产转换为 cbBTC，并将其转移到 Base 网络上的 Morpho 智能合约中。cbBTC 是一种 ERC-20 代币，由 Coinbase 托管的一对一比特币全额支持。
新的固定利率结构改变了与该抵押品相关的还款条件。现有的浮动利率贷款没有固定的到期日，只要头寸保持在所需的抵押率范围内，就可以无限期保持开放。然而，固定期限的借款人面临明确的截止日期，一旦逾期，出借人便获得没收抵押品的权利。尽管利率固定，但抵押风险仍与 cbBTC 的价值挂钩。如果比特币价格下跌导致债务相对于抵押品价值的比例超过允许阈值，头寸仍可能面临清算。
其他业务拓展：股票交易与 IPO 接入
除了加密借贷业务外，Coinbase 还在精选市场中增加证券类产品。近期，Coinbase 开始向符合条件的英国客户提供近 4000 只美国股票的交易权限，包括 fractional shares（零碎股），并支持使用英镑或 USDC 进行支付。在工作日期间，交易全天候开放。
在美国市场，Coinbase 还通过其注册的经纪交易商 Coinbase Capital Markets 向零售投资者开放了首次公开募股（IPO）的接入渠道。该服务最初以智能戒指制造商 Oura 的发行启动，允许符合条件的客户在公开交易开始前申购新股。客户可以在预期价格区间公布后提交有条件购买报价，Coinbase 随后将从承销团获得的股份分配给投资者。这意味着当需求超过供应时，投资者可能会获得全额分配、部分分配或无分配。
